As you may have noticed, we've been covering show biz as of late on the PEX card Corporate Finance blog. So if you are in the entertainment industry or work with people and businesses in the entertainment industry, these posts are for you. Even if you aren’t directly involved in entertainment, some of the advice and tips offered here may be applicable for your finance needs.
Check out this solution that automates reconciliations for spending at shoots and events.
Today, we tackle entertainment accounting. As with many industries, entertainment has its own unique tax, law, and finance implications. Here are some things to keep in mind:
- Have all contracts drawn up by entertainment lawyers. Arbitration can get costly and an entertainment lawyer will know the ins and outs that will keep you from adding legal expenses.
- Be sure to find a bank that specializes in the entertainment industry, as others will be less willing to offer loans.
- The IRS has a whole section of tips and advice for entertainment taxes. Make use of this valuable resource to avoid penalties.
For tips from an entertainment accountant, check out this interview with CPA Irwin Jacobson.